Treasury bond

912810TU2 · 4.375% due August 15, 2043

Original term
20-Year
Maturity
Aug 15, 2043
Coupon
4.375%
Pays
Semi-Annual
Dated
Aug 15, 2023
First coupon
Feb 15, 2024
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$43.65bn
Held stripped
$8.6m
Share stripped
0.02%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, November 9, 2026

Yield to maturity
5.247%
Modified duration
11.339 yr
DV01
0.1036
Convexity
1.67
Dirty price
91.378

Where its rate sensitivity sits

0.01
0.01
0.04
0.09
0.20
0.38
0.62
1.19
6.22
2.79
3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 10 of twelve buckets, summing to 11.547 years against a modified duration of 11.339.

Against the fitted curve

Priced 2.7 bp cheap to the curve on that day, 27.93 cents per 100 of face.

That is -0.30 standard deviations from its own typical residual.

Yield to maturity, 797 observations

3.5%4.0%4.5%5.0%5.5%6.0%Aug 31, 2023Nov 9, 2026Aug 31, 2023Yield to maturity4.389%Sep 7, 2023Yield to maturity4.550%Sep 13, 2023Yield to maturity4.523%Sep 19, 2023Yield to maturity4.616%Sep 25, 2023Yield to maturity4.848%Sep 29, 2023Yield to maturity4.929%Oct 5, 2023Yield to maturity5.074%Oct 12, 2023Yield to maturity5.058%Oct 18, 2023Yield to maturity5.224%Oct 24, 2023Yield to maturity5.167%Oct 30, 2023Yield to maturity5.227%Nov 3, 2023Yield to maturity4.938%Nov 9, 2023Yield to maturity4.975%Nov 15, 2023Yield to maturity4.881%Nov 21, 2023Yield to maturity4.781%Nov 28, 2023Yield to maturity4.733%Dec 4, 2023Yield to maturity4.638%Dec 8, 2023Yield to maturity4.524%Dec 14, 2023Yield to maturity4.240%Dec 20, 2023Yield to maturity4.189%Dec 27, 2023Yield to maturity4.120%Jan 3, 2024Yield to maturity4.219%Jan 9, 2024Yield to maturity4.334%Jan 16, 2024Yield to maturity4.437%Jan 22, 2024Yield to maturity4.454%Jan 26, 2024Yield to maturity4.511%Feb 1, 2024Yield to maturity4.217%Feb 7, 2024Yield to maturity4.423%Feb 13, 2024Yield to maturity4.605%Feb 20, 2024Yield to maturity4.578%Feb 26, 2024Yield to maturity4.575%Mar 1, 2024Yield to maturity4.491%Mar 7, 2024Yield to maturity4.382%Mar 13, 2024Yield to maturity4.477%Mar 19, 2024Yield to maturity4.570%Mar 25, 2024Yield to maturity4.533%Apr 1, 2024Yield to maturity4.585%Apr 5, 2024Yield to maturity4.656%Apr 11, 2024Yield to maturity4.789%Apr 17, 2024Yield to maturity4.833%Apr 23, 2024Yield to maturity4.857%Apr 29, 2024Yield to maturity4.870%May 3, 2024Yield to maturity4.759%May 9, 2024Yield to maturity4.707%May 15, 2024Yield to maturity4.616%May 21, 2024Yield to maturity4.657%May 28, 2024Yield to maturity4.770%Jun 3, 2024Yield to maturity4.652%Jun 7, 2024Yield to maturity4.665%Jun 13, 2024Yield to maturity4.512%Jun 20, 2024Yield to maturity4.515%Jun 26, 2024Yield to maturity4.575%Jul 2, 2024Yield to maturity4.722%Jul 9, 2024Yield to maturity4.598%Jul 15, 2024Yield to maturity4.555%Jul 19, 2024Yield to maturity4.555%Jul 25, 2024Yield to maturity4.590%Jul 31, 2024Yield to maturity4.429%Aug 6, 2024Yield to maturity4.261%Aug 12, 2024Yield to maturity4.283%Aug 16, 2024Yield to maturity4.252%Aug 22, 2024Yield to maturity4.221%Aug 28, 2024Yield to maturity4.218%Sep 4, 2024Yield to maturity4.133%Sep 10, 2024Yield to maturity4.026%Sep 16, 2024Yield to maturity3.986%Sep 20, 2024Yield to maturity4.097%Sep 26, 2024Yield to maturity4.156%Oct 2, 2024Yield to maturity4.165%Oct 8, 2024Yield to maturity4.365%Oct 15, 2024Yield to maturity4.355%Oct 21, 2024Yield to maturity4.529%Oct 25, 2024Yield to maturity4.574%Oct 31, 2024Yield to maturity4.559%Nov 6, 2024Yield to maturity4.697%Nov 13, 2024Yield to maturity4.718%Nov 19, 2024Yield to maturity4.654%Nov 25, 2024Yield to maturity4.534%Dec 2, 2024Yield to maturity4.451%Dec 6, 2024Yield to maturity4.412%Dec 12, 2024Yield to maturity4.616%Dec 18, 2024Yield to maturity4.756%Dec 24, 2024Yield to maturity4.852%Dec 31, 2024Yield to maturity4.855%Jan 7, 2025Yield to maturity4.969%Jan 13, 2025Yield to maturity5.054%Jan 17, 2025Yield to maturity4.912%Jan 24, 2025Yield to maturity4.905%Jan 30, 2025Yield to maturity4.795%Feb 5, 2025Yield to maturity4.677%Feb 11, 2025Yield to maturity4.788%Feb 18, 2025Yield to maturity4.809%Feb 24, 2025Yield to maturity4.688%Feb 28, 2025Yield to maturity4.546%Mar 6, 2025Yield to maturity4.623%Mar 12, 2025Yield to maturity4.657%Mar 18, 2025Yield to maturity4.600%Mar 24, 2025Yield to maturity4.665%Mar 28, 2025Yield to maturity4.626%Apr 3, 2025Yield to maturity4.470%Apr 9, 2025Yield to maturity4.750%Apr 15, 2025Yield to maturity4.798%Apr 22, 2025Yield to maturity4.895%Apr 28, 2025Yield to maturity4.687%May 2, 2025Yield to maturity4.783%May 8, 2025Yield to maturity4.842%May 14, 2025Yield to maturity4.984%May 20, 2025Yield to maturity4.973%May 27, 2025Yield to maturity4.957%Jun 2, 2025Yield to maturity4.991%Jun 6, 2025Yield to maturity4.988%Jun 12, 2025Yield to maturity4.838%Jun 18, 2025Yield to maturity4.879%Jun 25, 2025Yield to maturity4.812%Jul 1, 2025Yield to maturity4.761%Jul 8, 2025Yield to maturity4.927%Jul 14, 2025Yield to maturity4.949%Jul 18, 2025Yield to maturity4.974%Jul 24, 2025Yield to maturity4.928%Jul 30, 2025Yield to maturity4.865%Aug 5, 2025Yield to maturity4.725%Aug 11, 2025Yield to maturity4.790%Aug 15, 2025Yield to maturity4.874%Aug 21, 2025Yield to maturity4.874%Aug 27, 2025Yield to maturity4.839%Sep 3, 2025Yield to maturity4.815%Sep 9, 2025Yield to maturity4.633%Sep 15, 2025Yield to maturity4.586%Sep 19, 2025Yield to maturity4.679%Sep 25, 2025Yield to maturity4.692%Oct 1, 2025Yield to maturity4.644%Oct 7, 2025Yield to maturity4.655%Oct 14, 2025Yield to maturity4.545%Oct 20, 2025Yield to maturity4.511%Oct 24, 2025Yield to maturity4.519%Oct 30, 2025Yield to maturity4.592%Nov 5, 2025Yield to maturity4.674%Nov 12, 2025Yield to maturity4.592%Nov 18, 2025Yield to maturity4.664%Nov 24, 2025Yield to maturity4.593%Dec 1, 2025Yield to maturity4.664%Dec 5, 2025Yield to maturity4.716%Dec 11, 2025Yield to maturity4.713%Dec 17, 2025Yield to maturity4.740%Dec 23, 2025Yield to maturity4.741%Dec 30, 2025Yield to maturity4.703%Jan 6, 2026Yield to maturity4.752%Jan 12, 2026Yield to maturity4.723%Jan 16, 2026Yield to maturity4.734%Jan 23, 2026Yield to maturity4.737%Jan 29, 2026Yield to maturity4.753%Feb 4, 2026Yield to maturity4.808%Feb 10, 2026Yield to maturity4.670%Feb 17, 2026Yield to maturity4.571%Feb 23, 2026Yield to maturity4.574%Feb 27, 2026Yield to maturity4.513%Mar 5, 2026Yield to maturity4.654%Mar 11, 2026Yield to maturity4.774%Mar 17, 2026Yield to maturity4.766%Mar 23, 2026Yield to maturity4.894%Mar 27, 2026Yield to maturity4.961%Apr 2, 2026Yield to maturity4.830%Apr 8, 2026Yield to maturity4.822%Apr 14, 2026Yield to maturity4.789%Apr 20, 2026Yield to maturity4.792%Apr 24, 2026Yield to maturity4.831%Apr 30, 2026Yield to maturity4.921%May 6, 2026Yield to maturity4.868%May 12, 2026Yield to maturity4.972%May 18, 2026Yield to maturity5.102%May 22, 2026Yield to maturity5.036%May 29, 2026Yield to maturity4.934%Jun 4, 2026Yield to maturity4.934%Jun 10, 2026Yield to maturity5.000%Jun 16, 2026Yield to maturity4.873%Jun 23, 2026Yield to maturity4.913%Jun 29, 2026Yield to maturity4.809%Jul 6, 2026Yield to maturity4.942%Jul 10, 2026Yield to maturity5.034%Jul 16, 2026Yield to maturity5.046%Jul 22, 2026Yield to maturity5.131%Jul 28, 2026Yield to maturity5.070%Aug 3, 2026Yield to maturity5.200%Aug 7, 2026Yield to maturity5.159%Aug 13, 2026Yield to maturity5.154%Aug 19, 2026Yield to maturity5.128%Aug 25, 2026Yield to maturity5.105%Aug 31, 2026Yield to maturity5.197%Sep 4, 2026Yield to maturity5.200%Sep 11, 2026Yield to maturity5.345%Sep 17, 2026Yield to maturity5.282%Sep 23, 2026Yield to maturity5.429%Sep 29, 2026Yield to maturity5.611%Oct 5, 2026Yield to maturity5.685%Oct 9, 2026Yield to maturity5.619%Oct 16, 2026Yield to maturity5.444%Oct 22, 2026Yield to maturity5.288%Oct 28, 2026Yield to maturity5.380%Nov 3, 2026Yield to maturity5.311%Nov 9, 2026Yield to maturity5.247%

Price history

797 trading days to Nov 9, 2026

859095100105110Aug 31, 2023Nov 9, 2026Aug 31, 2023Close99.813Sep 7, 2023Close97.719Sep 13, 2023Close98.063Sep 19, 2023Close96.875Sep 25, 2023Close94.000Sep 29, 2023Close93.031Oct 5, 2023Close91.313Oct 12, 2023Close91.500Oct 18, 2023Close89.594Oct 24, 2023Close90.250Oct 30, 2023Close89.563Nov 3, 2023Close92.938Nov 9, 2023Close92.500Nov 15, 2023Close93.625Nov 21, 2023Close94.844Nov 28, 2023Close95.438Dec 4, 2023Close96.625Dec 8, 2023Close98.063Dec 14, 2023Close101.781Dec 20, 2023Close102.469Dec 27, 2023Close103.406Jan 3, 2024Close102.063Jan 9, 2024Close100.531Jan 16, 2024Close99.188Jan 22, 2024Close98.969Jan 26, 2024Close98.250Feb 1, 2024Close102.094Feb 7, 2024Close99.375Feb 13, 2024Close97.063Feb 20, 2024Close97.406Feb 26, 2024Close97.438Mar 1, 2024Close98.500Mar 7, 2024Close99.906Mar 13, 2024Close98.688Mar 19, 2024Close97.500Mar 25, 2024Close97.969Apr 1, 2024Close97.313Apr 5, 2024Close96.438Apr 11, 2024Close94.813Apr 17, 2024Close94.281Apr 23, 2024Close94.000Apr 29, 2024Close93.844May 3, 2024Close95.188May 9, 2024Close95.813May 15, 2024Close96.938May 21, 2024Close96.438May 28, 2024Close95.063Jun 3, 2024Close96.500Jun 7, 2024Close96.344Jun 13, 2024Close98.250Jun 20, 2024Close98.219Jun 26, 2024Close97.469Jul 2, 2024Close95.656Jul 9, 2024Close97.188Jul 15, 2024Close97.719Jul 19, 2024Close97.719Jul 25, 2024Close97.281Jul 31, 2024Close99.313Aug 6, 2024Close101.469Aug 12, 2024Close101.188Aug 16, 2024Close101.594Aug 22, 2024Close102.000Aug 28, 2024Close102.031Sep 4, 2024Close103.156Sep 10, 2024Close104.594Sep 16, 2024Close105.125Sep 20, 2024Close103.625Sep 26, 2024Close102.844Oct 2, 2024Close102.719Oct 8, 2024Close100.125Oct 15, 2024Close100.250Oct 21, 2024Close98.063Oct 25, 2024Close97.500Oct 31, 2024Close97.688Nov 6, 2024Close96.000Nov 13, 2024Close95.750Nov 19, 2024Close96.531Nov 25, 2024Close98.000Dec 2, 2024Close99.031Dec 6, 2024Close99.531Dec 12, 2024Close97.000Dec 18, 2024Close95.313Dec 24, 2024Close94.188Dec 31, 2024Close94.156Jan 7, 2025Close92.844Jan 13, 2025Close91.875Jan 17, 2025Close93.500Jan 24, 2025Close93.594Jan 30, 2025Close94.875Feb 5, 2025Close96.281Feb 11, 2025Close94.969Feb 18, 2025Close94.719Feb 24, 2025Close96.156Feb 28, 2025Close97.875Mar 6, 2025Close96.938Mar 12, 2025Close96.531Mar 18, 2025Close97.219Mar 24, 2025Close96.438Mar 28, 2025Close96.906Apr 3, 2025Close98.813Apr 9, 2025Close95.438Apr 15, 2025Close94.875Apr 22, 2025Close93.750Apr 28, 2025Close96.188May 2, 2025Close95.063May 8, 2025Close94.375May 14, 2025Close92.750May 20, 2025Close92.875May 27, 2025Close93.063Jun 2, 2025Close92.688Jun 6, 2025Close92.719Jun 12, 2025Close94.438Jun 18, 2025Close93.969Jun 25, 2025Close94.750Jul 1, 2025Close95.344Jul 8, 2025Close93.438Jul 14, 2025Close93.188Jul 18, 2025Close92.906Jul 24, 2025Close93.438Jul 30, 2025Close94.156Aug 5, 2025Close95.781Aug 11, 2025Close95.031Aug 15, 2025Close94.063Aug 21, 2025Close94.063Aug 27, 2025Close94.469Sep 3, 2025Close94.750Sep 9, 2025Close96.875Sep 15, 2025Close97.438Sep 19, 2025Close96.344Sep 25, 2025Close96.188Oct 1, 2025Close96.750Oct 7, 2025Close96.625Oct 14, 2025Close97.938Oct 20, 2025Close98.344Oct 24, 2025Close98.250Oct 30, 2025Close97.375Nov 5, 2025Close96.406Nov 12, 2025Close97.375Nov 18, 2025Close96.531Nov 24, 2025Close97.375Dec 1, 2025Close96.531Dec 5, 2025Close95.938Dec 11, 2025Close95.969Dec 17, 2025Close95.656Dec 23, 2025Close95.656Dec 30, 2025Close96.094Jan 6, 2026Close95.531Jan 12, 2026Close95.875Jan 16, 2026Close95.750Jan 23, 2026Close95.719Jan 29, 2026Close95.531Feb 4, 2026Close94.906Feb 10, 2026Close96.500Feb 17, 2026Close97.656Feb 23, 2026Close97.625Feb 27, 2026Close98.344Mar 5, 2026Close96.688Mar 11, 2026Close95.313Mar 17, 2026Close95.406Mar 23, 2026Close93.969Mar 27, 2026Close93.219Apr 2, 2026Close94.688Apr 8, 2026Close94.781Apr 14, 2026Close95.156Apr 20, 2026Close95.125Apr 24, 2026Close94.688Apr 30, 2026Close93.688May 6, 2026Close94.281May 12, 2026Close93.125May 18, 2026Close91.719May 22, 2026Close92.438May 29, 2026Close93.563Jun 4, 2026Close93.563Jun 10, 2026Close92.844Jun 16, 2026Close94.250Jun 23, 2026Close93.813Jun 29, 2026Close94.969Jul 6, 2026Close93.500Jul 10, 2026Close92.500Jul 16, 2026Close92.375Jul 22, 2026Close91.469Jul 28, 2026Close92.125Aug 3, 2026Close90.750Aug 7, 2026Close91.188Aug 13, 2026Close91.250Aug 19, 2026Close91.531Aug 25, 2026Close91.781Aug 31, 2026Close90.813Sep 4, 2026Close90.781Sep 11, 2026Close89.281Sep 17, 2026Close89.938Sep 23, 2026Close88.438Sep 29, 2026Close86.625Oct 5, 2026Close85.906Oct 9, 2026Close86.563Oct 16, 2026Close88.313Oct 22, 2026Close89.906Oct 28, 2026Close88.969Nov 3, 2026Close89.688Nov 9, 2026Close90.344
The most recent 20 trading days of prices for 912810TU2.
DateBidOfferClose
Nov 9, 202690.34490.37590.344
Nov 6, 202690.43890.48490.438
Nov 5, 202690.53190.57890.594
Nov 4, 202689.90689.93890.219
Nov 3, 202689.81389.85989.688
Nov 2, 202690.37590.43890.063
Oct 30, 202689.75089.78189.781
Oct 29, 202689.65689.68889.625
Oct 28, 202689.37589.40688.969
Oct 27, 202689.65689.68889.688
Oct 26, 202689.59489.64189.594
Oct 23, 202689.50089.54789.406
Oct 22, 202689.34489.37589.906
Oct 21, 202688.43888.46988.313
Oct 20, 202688.28188.32888.313
Oct 19, 202687.90687.95387.750
Oct 16, 202688.43888.48488.313
Oct 15, 202688.25088.28188.188
Oct 14, 202686.81386.84487.313
Oct 13, 202686.96987.00087.000

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

3 auctions

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 912810TU2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 23, 2023Aug 31, 2023New issue$16.0bn$17.7bn2.56x4.499%
Sep 19, 2023Oct 2, 2023Reopening$13.0bn$13.0bn2.74x4.592%
Oct 18, 2023Oct 31, 2023Reopening$13.0bn$13.0bn2.59x5.245%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.